Dairy prices rebound from three-year low
Wed, 06 Jun 2012 8:42a.m.
Prices of dairy products have rebounded from a three-year low as buyers returned to Fonterra's GlobalDairy Trade auction.
Prices posted their biggest gain in almost two years, led by skim milk powder and anhydrous milk fat.
The GDT-TWI Price Index rose 13.5 percent compared to the last sale in mid-May.
The average winning price rose to US$2,899 ($3,830) a metric tonne, the highest since April.
The price of skim milk powder jumped 21.3 per cent to US$3,011 ($3,978) a tonne. Whole milk powder rose 8.5 per cent to US$2,763 ($3,650) a tonne.
The average price at the sale rose for only the third time this year and weakening prices prompted Fonterra last month to cut its forecast 2012 milk payout and flag lower payments in 2013.
The decline has mirrored a broader trend in commodities amid doubts about global demand.
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6/06/2012 12:21:27 p.m.
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